Just when it seemed like the cannabis industry would have access to banking through the Secure and Fair Enforcement (SAFE) Act, which was included in the May 12 COVID relief bill that was approved by the House on May 12, things quickly changed. The provision was excluded in the most recent version, approved by Senate
Financial institutions received the OK to work with hemp in recent years, but it is largely unchartered territory for many banks and credit unions. The Financial Crimes Enforcement Network (FinCEN) recently issued guidance to financial institutions on how to best work with hemp businesses and stay within the law. Hemp-related businesses can now work with
Fewer banks reported that they worked with cannabis-related businesses in the latest report from Financial Crimes Enforcement Network (FinCEN), but it’s not clear why. FinCEN suggested in its report that this short-term decline could be because financial institutions are exceeding the 90-day requirement for filing suspicious activity reports (SARs). Banks must file SARs when working
People in the cannabis industry aren’t the only ones who want to see banking access opened up -- attorneys general from 34 U.S. states and territories have sent an urgent message to Congress to make it happen. Calling the status quo “an untenable situation,” the attorneys general signed a letter in favor of the Safe
Long-awaited banking regulations for cannabis looked unlikely to pass, but the newest coronavirus relief bill may be able to bring it across the finish line. The Secure and Fair Enforcement (SAFE) Banking Act has been in the works since last year and actually made historic progress by passing the House of Representatives but seemed to
Cannabis represents a mutli-billion dollar industry and thousands of jobs in the U.S. but is excluded in all crisis responses, including COVID-19. The pandemic has impacted every industry and the economy as a whole. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to offer support to U.S. businesses as shelter-in-place orders impacted
Financial institutions have been cleared to work with hemp businesses, and the Federal Reserve Bank set out recently to remind the banking industry of this. Though banks had been given the green light to work with hemp-related businesses in late 2019, they haven’t been flocking to support this industry yet. Hemp businesses were treated exactly
When it comes to cannabis banking, it’s amazing how much misinformation is online. This multi-billion-dollar industry continues to grow and yet certain myths about cannabis banking persist. Here is a breakdown of the top four myths that keep circulating about the cannabis industry and banking. Myth #1: Cannabis businesses and related businesses can’t get bank
Colorado lead the nation with being the first to legalize and regulate cannabis for adults, and the state may be the first to solve the cannabis banking question. Cannabis businesses have a difficult time obtaining and keeping regular bank accounts due to federal prohibition, including those businesses in Colorado. Banks have been hesitant to get
